Parkinson resigned on Wednesday, along with his assistant Steve Parkin, and in a statement on Thursday morning Bolton said they had accepted the decision with “great reluctance”.

The pair’s departure comes two days after the club announced the postponement of their Sky Bet League One game against Doncaster, citing “welfare concerns” for their young players.

In a statement, Bolton said: “During what has been one of the most challenging periods in the club’s existence, both Phil and Steve conducted themselves with the utmost professionalism and dignity throughout.

“Everybody at Bolton Wanderers Football Club would like to thank Phil and Steve for their dedication and loyalty and we wish them the very best for the future.

“They leave the University of Bolton Stadium with their heads held high.”

During what has been one of the most challenging periods in the club’s existence, both Phil and Steve conducted themselves with the utmost professionalism and dignity throughout.- Bolton Wanderers

Parkinson took over in 2016 and led the club to promotion back to the Championship at the first attempt despite a continued transfer embargo.

Despite keeping them up in their first season, Bolton’s escalating financial issues made survival impossible and last season they were demoted back to League One with a 12-point penalty.

A prospective takeover by the Football Ventures consortium has been stalled by legal action, and Bolton now face the possibility of a further points deduction due to the postponement of the Doncaster game.

Bolton further announced that academy manager Jimmy Phillips will take charge of first team training on an interim basis.